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Condensed Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Revenues:        
Rental and other property $ 115,778 $ 99,163 $ 227,866 $ 198,436
Management and other fees from affiliates 1,420 1,022 2,645 2,500
Total revenues 117,198 100,185 230,511 200,936
Expenses:        
Property operating, excluding real estate taxes 29,354 25,101 57,569 49,624
Real estate taxes 10,916 9,716 21,595 19,210
Depreciation 37,510 31,156 74,426 61,539
General and administrative 6,371 6,219 12,486 11,837
Total Expenses 84,151 72,192 166,076 142,210
Earnings from operations 33,047 27,993 64,435 58,726
Interest expense before amortization (22,710) (20,161) (44,518) (39,758)
Amortization expense (2,736) (843) (5,590) (2,083)
Interest and other income 2,628 7,085 9,616 14,941
Equity income (loss) in co-investments 726 (360) (647) (401)
Loss on early retirement of debt (253) (10) (253) (10)
Income before discontinued operations 10,702 13,704 23,043 31,415
Income from discontinued operations 5,351 165 5,517 313
Net income 16,053 13,869 28,560 31,728
Net income attributable to noncontrolling interest (2,304) (3,844) (5,851) (8,034)
Net income attributable to controlling interest 13,749 10,025 22,709 23,694
Dividends to preferred stockholders (1,475) (543) (2,017) (1,085)
Excess of cash paid to redeem preferred stock and units over the carrying value (1,949) 0 (1,949) 0
Net income available to common stockholders $ 10,325 $ 9,482 $ 18,743 $ 22,609
Basic:        
Income available to common stockholders $ 0.17 $ 0.32 $ 0.43 $ 0.77
Income from discontinued operations $ 0.15 $ 0 $ 0.16 $ 0.01
Net income available to common stockholders $ 0.32 $ 0.32 $ 0.59 $ 0.78
Weighted average number of common shares outstanding during the period 32,040,904 29,329,273 31,754,949 29,149,562
Diluted:        
Income before discontinued operations available to common stockholders $ 0.17 $ 0.32 $ 0.43 $ 0.76
Income from discontinued operations $ 0.15 $ 0 $ 0.16 $ 0.01
Net income available to common stockholders $ 0.32 $ 0.32 $ 0.59 $ 0.77
Weighted average number of common shares outstanding during the period 32,135,064 29,402,635 31,844,002 29,213,613
Dividend per common share $ 1.040 $ 1.033 $ 2.080 $ 2.066